ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Human capital is the stock of ‘skill and expertise’ of a nation at a point of time.

Detailed explanation-2: -The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-3: -Human Capital refers to the stock of skill, ability, expertise, education and knowledge in a nation at a point of time.

Detailed explanation-4: -Education investment is recognised as one of the main sources of human capital along with other sources like health, migration, on-job training, and information.

Detailed explanation-5: -Human capital is as important as physical capital for economic development. Human capital formation is the process of adding to stock of human capital over time. Human capital can be developed through creation of skilled, trained and efficient labour force by providing better education, health care facilities, etc.